Dow went up 113, advancers over decliners about 3-2 & NAZ added 110. The MLP index was even in the 120s & the REIT index held steady in the 344s. Junk bond funds fluctuated & Treasuries inched higher in price. Oil slid below 41 & gold surged 39 to 1939, A New Record.
AMJ (Alerian MLP Index tracking fund)
Orders for big-ticket manufactured goods rose a solid 7.3% in Jun, the 2nd big monthly gain as manufacturing tries to climb out of a spring slump triggered by the coronavirus pandemic. The Commerce Dept said that the Jun gain in durable goods orders, which was better than expected, followed an even bigger 15.1% increase in May. Those 2 increases came after sharp declines in Mar & Apr as factories shut down in response to the lockdown measures taken in the spring. A closely watched gauge of business investment posted a strong 3.3% increase in Jun after a 1.6% rise in May. While the orders numbers have been strong the past 2 months, economists caution that manufacturing could slump again if the recent surge in virus cases in many parts of the country disrupt efforts to get the economy moving again.
Treasury Secretary Steve Mnuchin said Reps have now finalized their latest piece of coronavirus relief legislation, worth about $1T & intend to introduce it today. "We do have an entire plan," Mnuchin said. "The [Trump] administration and the Senate Republicans are completely on the same page," he said after delays in rolling out the plan last week. Reps had hoped to release their official proposal as soon as last Thurs, but that did not happen as the clock ticked on the weekly unemployment boost that has kept many Americans afloat during the worst economic crisis since the depression. Senate Majority Leader Mitch McConnenll said the White House had requested more time to "review the fine details." Mnuchin said that he hopes Congress can work in a bipartisan manner to approve the GOP proposal, which is expected to have another round of $1200 stimulus checks for Americans & liability protections for businesses & schools among other provisions. It also will modify the federal unemployment insurance supplement to include about 70% wage replacement for individuals, he said, instead of the $600 boost in weekly benefits for all recipients. That benefit, which was a key component of the $2.2T CARES Act, came ot an end over the weekend. "We can move very quickly with the Democrats on these issues. We've moved quickly before and I see no reason why we can't move quickly again. And if there are issues that take longer, we'll deal with those as well," Mnuchin added. White House economic advisor Larry Kudlow called the Rep proposal a "very well rounded package." He also said the Trump administration intends to extend the federal moratorium on evictions, but didn't specify whether that would be in this legislation. Mnuchin said some pieces of the legislation, such as the unemployment benefits & liability protection, are a higher priority than other issues. A deal could be done in parts to expedite the negotiating process, he said. "This will be the fifth set of legislation so there's no reason why can't have number five, six and seven as we need to deal with issues," he said. "And obviously, anything we do we need bipartisan support." But Dems have expressed opposition to a piecemeal approach. Pelosi said Dems have been "anxious to negotiate" with Reps since mid-May, when the lower chamber approved a $3T coronavirus rescue package The bill, passed almost entirely with Dem votes, went nowhere in the GOP-controlled Senate.
Mnuchin says GOP coronavirus plan ready as unemployment boost runs out — ‘We can move quickly’
The US closed its consulate in the southwestern Chinese city of Chengdu, a victim of the rising tensions between the global powers. China ordered the mission closed late last week in retaliation for a US order to shut down the Chinese Consulate in Houston earlier the same week. The tit-for-tat closings marked a significant escalation in the multiple disputes between the 2 countries over a range of issues, including trade, technology, security & human rights. A statement from the State Dept said that the Chengdu consulate suspended operations at 10AM. "The consulate has stood at the center of our relations with the people in Western China, including Tibet, for 35 years," the statement said. "We are disappointed by the Chinese Communist Party's decision and will strive to continue our outreach to the people in this important region through our other posts in China." The US has 4 other consulates in China & an embassy in Beijing. The American flag was taken down at the Chengdu mission, China's state broadcaster CCTV said on its social media account. The US alleged that the Houston consulate was a nest of Chinese spies who tried to steal data from facilities in Texas, including the Texas A&M medical system & the University of Texas MD Anderson Cancer Center in Houston. China said the allegations were "malicious slander."
The stock market is feeling good. Stimulus talks are moving ahead even if there is a lot of stumbling. Meanwhile nervous investors keep pushing gold prices higher & it may top $2000 shortly. While gold is rising, the Dow trends sideways.
Dow Jones Industrials
AMJ (Alerian MLP Index tracking fund)
| CL=F | Crude Oil | 40.60 | -0.69 | -1.7% |
| GC=F | Gold | 1,931.40 | +33.90 | +1.8% |
Orders for big-ticket manufactured goods rose a solid 7.3% in Jun, the 2nd big monthly gain as manufacturing tries to climb out of a spring slump triggered by the coronavirus pandemic. The Commerce Dept said that the Jun gain in durable goods orders, which was better than expected, followed an even bigger 15.1% increase in May. Those 2 increases came after sharp declines in Mar & Apr as factories shut down in response to the lockdown measures taken in the spring. A closely watched gauge of business investment posted a strong 3.3% increase in Jun after a 1.6% rise in May. While the orders numbers have been strong the past 2 months, economists caution that manufacturing could slump again if the recent surge in virus cases in many parts of the country disrupt efforts to get the economy moving again.
Orders for big-ticket manufactured goods jump in June
Treasury Secretary Steve Mnuchin said Reps have now finalized their latest piece of coronavirus relief legislation, worth about $1T & intend to introduce it today. "We do have an entire plan," Mnuchin said. "The [Trump] administration and the Senate Republicans are completely on the same page," he said after delays in rolling out the plan last week. Reps had hoped to release their official proposal as soon as last Thurs, but that did not happen as the clock ticked on the weekly unemployment boost that has kept many Americans afloat during the worst economic crisis since the depression. Senate Majority Leader Mitch McConnenll said the White House had requested more time to "review the fine details." Mnuchin said that he hopes Congress can work in a bipartisan manner to approve the GOP proposal, which is expected to have another round of $1200 stimulus checks for Americans & liability protections for businesses & schools among other provisions. It also will modify the federal unemployment insurance supplement to include about 70% wage replacement for individuals, he said, instead of the $600 boost in weekly benefits for all recipients. That benefit, which was a key component of the $2.2T CARES Act, came ot an end over the weekend. "We can move very quickly with the Democrats on these issues. We've moved quickly before and I see no reason why we can't move quickly again. And if there are issues that take longer, we'll deal with those as well," Mnuchin added. White House economic advisor Larry Kudlow called the Rep proposal a "very well rounded package." He also said the Trump administration intends to extend the federal moratorium on evictions, but didn't specify whether that would be in this legislation. Mnuchin said some pieces of the legislation, such as the unemployment benefits & liability protection, are a higher priority than other issues. A deal could be done in parts to expedite the negotiating process, he said. "This will be the fifth set of legislation so there's no reason why can't have number five, six and seven as we need to deal with issues," he said. "And obviously, anything we do we need bipartisan support." But Dems have expressed opposition to a piecemeal approach. Pelosi said Dems have been "anxious to negotiate" with Reps since mid-May, when the lower chamber approved a $3T coronavirus rescue package The bill, passed almost entirely with Dem votes, went nowhere in the GOP-controlled Senate.
Mnuchin says GOP coronavirus plan ready as unemployment boost runs out — ‘We can move quickly’
The US closed its consulate in the southwestern Chinese city of Chengdu, a victim of the rising tensions between the global powers. China ordered the mission closed late last week in retaliation for a US order to shut down the Chinese Consulate in Houston earlier the same week. The tit-for-tat closings marked a significant escalation in the multiple disputes between the 2 countries over a range of issues, including trade, technology, security & human rights. A statement from the State Dept said that the Chengdu consulate suspended operations at 10AM. "The consulate has stood at the center of our relations with the people in Western China, including Tibet, for 35 years," the statement said. "We are disappointed by the Chinese Communist Party's decision and will strive to continue our outreach to the people in this important region through our other posts in China." The US has 4 other consulates in China & an embassy in Beijing. The American flag was taken down at the Chengdu mission, China's state broadcaster CCTV said on its social media account. The US alleged that the Houston consulate was a nest of Chinese spies who tried to steal data from facilities in Texas, including the Texas A&M medical system & the University of Texas MD Anderson Cancer Center in Houston. China said the allegations were "malicious slander."
US shuts down consulate in China after Beijing retaliates over Texas closing
The stock market is feeling good. Stimulus talks are moving ahead even if there is a lot of stumbling. Meanwhile nervous investors keep pushing gold prices higher & it may top $2000 shortly. While gold is rising, the Dow trends sideways.
Dow Jones Industrials
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